Binance-Linked WazirX Users Remain Locked Out as Singapore Court Denies Restructuring

WazirX users continue to face account lockouts after the Singapore High Court rejected the exchange's restructuring plan, prolonging the withdrawal freeze nearly a year after a $230 million hack. Parent company Zettai seeks to present additional arguments, but court documents indicate low chances of approval.

WazirX Users Face Continued Lockout as Singapore Court Rejects Restructuring Plan

WazirX users remain locked out of their funds after the Singapore High Court rejected the exchange's restructuring plan. The June 6 email from WazirX confirmed the court's decision, dashing hopes for resumed withdrawals nearly a year after a $230 million hack.

Parent company Zettai has requested permission to present further arguments and extend the moratorium, but the redacted court letter suggests slim chances of reversal. The timing compounds frustration—WazirX recently shifted its parent entity from Singapore to Panama, raising new questions about accountability.

Hyperliquid’s Monthly Perpetual Futures Volume Hits Record $248 Billion in May

Hyperliquid has set a new all-time high in monthly perpetual futures trading volume, processing $248 billion in May—a 51.5% surge from April’s $187.5 billion. The decentralized exchange’s rapid growth signals a shift in trader preference away from centralized platforms, challenging incumbents like Binance.

Year-over-year growth is staggering: Hyperliquid’s volume has skyrocketed 843% from $26.3 billion in May 2023. The protocol now captures 10.54% of Binance’s perpetual futures volume, up from 9.76% in April, demonstrating accelerating adoption of on-chain derivatives.

Success stems from combining centralized exchange efficiency with self-custody advantages. Retail and institutional traders are flocking to Hyperliquid, drawn by its airdrop rewards and Season 2 points campaign. The platform’s rise mirrors broader DeFi’s encroachment on traditional exchange dominance.